OceanaGold has signed a definitive scheme implementation deed (SID) to purchase all issued shares of Ausgold for a transaction equity value of around A$776m ($549m). Ausgold owns the Katanning Gold Project in Western Australia (WA). The acquisition will be structured as an Australian court-approved scheme of arrangement and is expected to conclude by December 2026, pending shareholder and regulatory approvals.
As part of the agreement, Ausgold shareholders will be offered 0.03365 OceanaGold shares for each Ausgold share held, which equates to A$1.36 per Ausgold share based on OceanaGold's closing price on 14 August 2026. The scheme consideration may also be taken in cash, subject to a total cash pool capped at A$194m. If approved and completed, Ausgold shareholders are expected to hold between 6% and 8% of OceanaGold's enlarged share base.
The Ausgold Board has unanimously recommended the scheme and confirmed that its members, which collectively hold around 1.4% of Ausgold's shares, intend to vote in favour. Dundee, a major shareholder with 7.7% of Ausgold shares, has also signalled its support. The Katanning Gold Project lies approximately 275km south-east of Perth and is a conventional open-pit development.
OceanaGold president and CEO Gerard Bond said: "The acquisition of Ausgold adds an advanced, high-quality, low-capital, open-pit development asset to our portfolio at an attractive valuation. "The Katanning Gold Project will be our fifth asset, located in one of the world's premier mining jurisdictions, and is a natural fit with our proven development and operating capabilities." According to Ausgold's feasibility study, Katanning is forecast to yield more than 100,000oz of gold annually, with first production scheduled for 2029 and a potential mine life exceeding ten years. OceanaGold plans to extend a bridge loan of A$20m to Ausgold in November 2026 for working capital ahead of the transaction closing.
Completion of the deal is contingent on approval from Ausgold shareholders, the Australian court, and regulatory bodies including the Australian Foreign Investment Review Board and the Toronto Stock Exchange. The scheme must secure at least 75% approval among votes cast at the scheme meeting to proceed. In December 2025, OceanaGold secured permit approval for the Waihi North Project from New Zealand's expert government panel.
"OceanaGold to acquire Ausgold for $549m" was originally created and published by Mining Technology, a GlobalData owned brand.
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